DeAnne Julius, a former Bank of England rate-setter, on Wednesday dismissed the argument that the central bank's Monetary Policy Committee (MPC) must only act on domestically generated inflation.
At a Monetary Policy Forum organised by consultancy Fathom, Julius, at present the chairman of Chatham House, said: "It's fanciful to think you control the domestic side [of inflation] and the rest of it is simply temporary shocks."
That view - that rises in imported prices are temporary - was propounde
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